Oppenheimer upgrades Universal Display (PANL+3.5%) to Outperform. The firm argues strong smartphone demand will allow the market for small OLED displays to post a 42% CAGR from 2010 to 2015, and that OLED TV growth will contribute to a 70% CAGR over this time for total shipment area. Oppenheimer also likes PANL's operating model, and the "lack of real competition" in the market for phosphorescent OLED materials (used in OLED lighting applications). Needham upgraded PANL last week.